Greece names new CEO to lead privatization agency

ATHENS (Reuters) - Greece has appointed Riccardo Lambiris as the new chief executive of its privatization agency, which is trying to sell assets to comply with the terms of the country’s bailouts.

Lambiris, 42, will take up the role on Oct. 16, the Hellenic Corporation of Assets and Participations (HCAP) said in a statement. His appointment follows the resignation of Antonios Leousis, who is stepping down for personal reasons.

Privatizations have been required under Greece’s international bailouts since 2010, but so far they have reaped only 4.4 billion euros ($5.17 billion) as a result mainly of political resistance and red tape.

Lambiris has long experience in business and investment banking, HCAP said, adding that he has worked at Rockwell Gold and has served as the head of the department of Mergers and Acquisitions of HSBC Bank for Greece and Cyprus.